The Companies and Intellectual Property Commission (CIPC) has issued Notice 52 in terms of which it states: ”The CIPC is proud to announce that a new user-friendly service has been added to e-Services for Customers to declare the compliance status of their company or companies to specific sections of the Companies Act No. 71 of 2008 (as amended)”.

In terms of Notice 52, companies are now required to confirm compliance with a number of sections of the Companies Act. This is to be done by the completion and submission of a Compliance Checklist, which is to be completed and submitted via CIPC’s online portal prior to the filing of a company’s annual return.

Currently, an annual return is completed and filed with the CIPC together with either a company’s iXBRL annual financial statements or Financial Accountability Supplement, whichever is applicable.

Who has to complete and submit the Compliance Checklist?
Every company has to complete and submit the Compliance Checklist to the CIPC.

Completion and submission of the Compliance Checklist is MANDATORY from 1 January 2020.

What is the Compliance Checklist?
The Compliance Checklist is a list of sections and regulations in the Companies Act with which companies are required to indicate if they comply, if they do not comply, or if the sections and regulations are not applicable.

The way forward?
MGI Bass Gordon is ready to assist you in completing and submitting the Compliance Checklist to the CIPC. We will communicate more information about the process in a separate communication within the next few weeks. In the meantime, please contact your contact partner should you require more information about your specific needs.

This article is a general information sheet and should not be used or relied upon as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.